Finance For Enterprise, based in South Yorkshire, has successfully secured a £25 million capital injection from Lloyds Bank and Big Society Capital (BSC) as part of the Community Investment Enterprise Fund (CIEF) phase two.
Additionally, as part of a larger £62 million investment initiative to support small businesses in England and Wales, the funding aims to enhance local employment opportunities and stimulate economic growth.
The investment is being distributed through three Community Development Finance Institutions (CDFIs) – Finance For Enterprise, BCRS Business Loans, and Business Enterprise Fund.
This collaboration with Lloyds Bank marks a significant milestone, as it is the first time a mainstream lender has invested in the CDFI sector. This demonstrates a commitment to fostering sustainable business practices and promoting regional development, particularly in disadvantaged areas of the UK.
Under this investment framework, Finance For Enterprise has secured £25 million, supporting businesses like the Estate Tea Company, based in Newcastle. Established by local entrepreneur Tom Webb, the company specializes in offering unique teas to various establishments nationwide.
With the support from CIEF through Finance For Enterprise, Tom was able to relocate his business to a larger venue in Newcastle, previously a plumber’s merchant, attracting tea enthusiasts throughout the day and night.
Andrew Austwick, Managing Director at Finance For Enterprise, expressed enthusiasm about empowering SMEs to thrive with CIEF’s support, stating, “I eagerly anticipate assisting more SMEs across the UK in benefiting from such funding opportunities.”
Echoing these sentiments, Elyn Corfield, CEO Business and Commercial Banking at Lloyds Bank, emphasized the importance of supporting local businesses, especially in deprived areas, to enable them to access the financial options needed for success.
Anna Shiel, Chief Investment Officer at Big Society Capital, highlighted the significance of expanding investment into communities and aiding a diverse set of business owners, underscoring the positive impact of CDFIs and institutional investors like Lloyds Bank in driving growth.
Finance For Enterprise, based in South Yorkshire, has successfully secured a £25 million capital injection from Lloyds Bank and Big Society Capital (BSC) as part of the Community Investment Enterprise Fund (CIEF) phase two.
Additionally, as part of a larger £62 million investment initiative to support small businesses in England and Wales, the funding aims to enhance local employment opportunities and stimulate economic growth.
The investment is being distributed through three Community Development Finance Institutions (CDFIs) – Finance For Enterprise, BCRS Business Loans, and Business Enterprise Fund.
This collaboration with Lloyds Bank marks a significant milestone, as it is the first time a mainstream lender has invested in the CDFI sector. This demonstrates a commitment to fostering sustainable business practices and promoting regional development, particularly in disadvantaged areas of the UK.
Under this investment framework, Finance For Enterprise has secured £25 million, supporting businesses like the Estate Tea Company, based in Newcastle. Established by local entrepreneur Tom Webb, the company specializes in offering unique teas to various establishments nationwide.
With the support from CIEF through Finance For Enterprise, Tom was able to relocate his business to a larger venue in Newcastle, previously a plumber’s merchant, attracting tea enthusiasts throughout the day and night.
Andrew Austwick, Managing Director at Finance For Enterprise, expressed enthusiasm about empowering SMEs to thrive with CIEF’s support, stating, “I eagerly anticipate assisting more SMEs across the UK in benefiting from such funding opportunities.”
Echoing these sentiments, Elyn Corfield, CEO Business and Commercial Banking at Lloyds Bank, emphasized the importance of supporting local businesses, especially in deprived areas, to enable them to access the financial options needed for success.
Anna Shiel, Chief Investment Officer at Big Society Capital, highlighted the significance of expanding investment into communities and aiding a diverse set of business owners, underscoring the positive impact of CDFIs and institutional investors like Lloyds Bank in driving growth.